Housing Bank H1 net profit reaches JD63.8m

AMMAN — The Housing Bank for Trade and Finance Group on Monday reported a net profit of JD63.8 million after provisions and taxes, at an increase of 21.2 per cent compared with the figures achieved during the same period last year, according to a bank statement. 

During the first half of 2022, the group was able to "maintain strong operating profits, reflecting effective resource management and sound expenses control measures", it said in the statement.

Its continued efforts managing the financial position while maintaining the quality and durability of assets led to an increase of 8.5 per cent in total credit facilities since the beginning of this year, reaching JD4.9billion as of June 30, 2022. 

Commenting on the results, Abdel Elah Al Khatib, chairman of the board of directors, expressed his appreciation of the group’s continued outstanding financial results, noting that its net profit, after provisions and taxes, reached JD63.8 million for the first half of 2022. 

The group continued to adopt its conservative approach by booking additional expected credit losses during the first half of 2022, he added. 

These preventative measures aim to protect the bank and strengthen its financial position, considering the challenging economic situation and continued repercussions of the COVID-19 pandemic, in addition to the international geopolitical situation.

Al Khatib indicated that the group’s efforts to enhance the quality of its loan portfolio and the effectiveness of credit risk management have led to enhancing its financial position, with sustainable growth in return to shareholders’ equity which increased to 10.6 per cent by the end of June.